One of the most successful Bitcoin traders in the world, Christopher Jaszczynski, has been making ultra-precise calls for the Bitcoin price since Bitcoins breakout above $ 10,500 in august last year. His YouTube channel MMCrypto has since then grown just as parabolic as Bitcoin now totaling more than 342,000 subscribers.
In his latest episode Christopher Jaszczynski made his bold call. Inspired by his crypto colleague Davincij15 he is using a tool for technical analysis called “Fibonacci extensions” taking it all the way back to Bitcoins inception, when the price was near zero, to the all-time high. Using the tool this way the golden ratio is at exactly the $ 100,000 level. The golden ratio is a unique ratio that can be used to describe the proportions of everything in nature and the universe and it has proven a valuable ratio again and again in trading.
Despite the very bullish outlook for Bitcoin, Christopher Jaszczynski warns that should Bitcoin break below $ 60,000 it would be extremely bearish: “If we were to break down, the technical target would be approximately the $ 58,000 level. I personally will ring all the alarm bells if we are going below the horizontal resistance line slightly below 60,000. This would be extremely bearish for Bitcoin. With the bearish scenario outlined, Christopher Jaszczynski remains in favor of the bullish scenario: “I think that the rise towards the upside is still in place, and that our price target, regardless of whether we are breaking down here or not, could still be $ 68,000 to $ 70,000.”